• Coinbase, Crypto.com, Bybit, and Kraken are among the well-known cryptocurrency firms that have laid off staff due to the prolonged bear market.
• Despite the recent market revival, Gemini, Blockchain.com, Coinbase, and many others have announced a new wave of layoffs.
• Thousands of people have lost their jobs due to the unfavorable macroeconomic environment and the reduced interest in cryptocurrencies.

The cryptocurrency industry has seen a significant shift in employment over the past few months due to the prolonged bear market and the unfavorable macroeconomic environment. Several well-known cryptocurrency firms, including Coinbase, Crypto.com, Bybit, and Kraken, have laid off a chunk of their workforce in order to cope with the challenging times. Despite the recent market revival, a new wave of layoffs has been announced by Gemini, Blockchain.com, Coinbase, and many others.

The prolonged bear market, which began in late 2018, has had a major effect on the cryptocurrency industry. The reduced interest in cryptocurrencies and the unfavorable macroeconomic environment has resulted in a significant drop in the number of employees across the industry. Many of the well-known cryptocurrency firms, such as Coinbase, Crypto.com, Bybit, and Kraken, have laid off a portion of their workforce in order to cope with the unfavorable environment.

Despite the recent market revival, the trend seems to be continuing into the new year with Gemini, Blockchain.com, Coinbase, and many others announcing a new wave of layoffs. This is due to the fact that the prolonged bear market has had a lasting effect on the industry, with many companies unable to recover from the losses incurred.

The impact of the layoffs has been significant, as thousands of people have lost their jobs due to the unfavorable macroeconomic environment and the reduced interest in cryptocurrencies. This has created a difficult situation for many of the affected employees, who are now struggling to find new employment opportunities.

The cryptocurrency industry is currently in a state of flux, and it remains to be seen how the situation will develop in the coming months. However, one thing is certain: the prolonged bear market has had severe consequences for the industry, with many of the well-known firms having to lay off a portion of their workforce in order to survive. Despite the recent market revival, the trend of layoffs seems to be continuing into the new year, leaving thousands of people without a job.

• Fraudsters have created a fake FTX 2.0 token, pretending to add liquidity to the FTX exchange.
• The aim of the fraudsters is to lure users into clicking fraudulent links that drain or burn their account balances.
• Blockchain security firm PeckShield has warned about the malicious activities of the scammers.

Scam Alert: Fraudsters Attempt to Dupe Users With Fake FTX 2.0 Token

In a shocking turn of events, scammers have created a fake token, dubbed FTX 2.0, to impersonate the now-bankrupt crypto exchange just hours after the company’s new CEO announced that the platform could be revived. According to blockchain security firm PeckShield, the bad actors sent the tokens to the FTX exchange, pretending to add liquidity before airdropping them to other crypto exchanges. The aim of the fraudsters is to lure users into clicking fraudulent links that drain or burn their account balances.

This malicious activity has been going on for some time, with the fraudsters targeting users of the now-defunct FTX exchange. The scammers have been sending the fake tokens to the exchange, pretending to add liquidity to the platform and airdropping them to other crypto exchanges. The malicious actors are also sending out links to malicious websites, which if clicked, would drain or burn users’ accounts.

The security firm has warned users to be wary of the malicious activities of the scammers and to be extra vigilant when dealing with any new tokens. The firm has also urged users to check the smart contracts of any new tokens before investing in them to ensure that they are not dealing with a malicious actor.

The rise in the number of scams targeting users of the now-defunct FTX exchange is a cause for concern. It is important that users remain vigilant and conduct thorough research before investing in any new tokens. While it is possible to make a profit from investing in new tokens, it is also possible to suffer significant losses if one is not careful. Therefore, it is essential that users remain vigilant and do their due diligence before investing in any new tokens.

Bulletpoints:
• Input Output Global (IOG) has announced a new toolkit for developers to deploy custom sidechains on the Cardano network.
• The firm behind the Cardano blockchain has been developing a set of tools to enable the creation of sidechains, with the first already deployed as a public testnet.
• Sidechains make Cardano extensible and more scalable without compromising the stability or security of the main chain.

Input Output Global (IOG) has recently released a new toolkit that will enable developers to create custom sidechains on the Cardano network. This toolkit is seen as a major step forward in the development of the Cardano blockchain, and will make it more extensible and scalable without compromising its stability or security.

The Cardano network is an open source blockchain platform that runs on a proof-of-stake consensus algorithm. It is designed to be an efficient, secure, and scalable platform for the development of decentralized applications (dapps). IOG has been hard at work developing a set of tools that will allow developers to create sidechains that are compatible with the Cardano main chain.

The first sidechain to be created with IOG’s new toolkit is an Ethereum virtual machine (EVM)-compatible sidechain. This sidechain has already been deployed as a public testnet, and is seen as a proof of concept for the new tools. This development is seen as a major step forward in the development of the Cardano blockchain, as it will allow developers to create custom sidechains that are compatible with the main chain.

Sidechains are a type of blockchain that are connected to a main chain. Sidechains are separate from the main chain, and have their own set of rules and regulations. They allow developers to create custom applications on a separate chain, while still being connected to the main chain. This allows developers to experiment with different applications and technologies without impacting the main chain.

Sidechains also make Cardano more extensible and scalable. By allowing developers to create separate sidechains, it will reduce the load on the main chain and make it more efficient. This will make it easier for developers to create and deploy applications on the Cardano network.

Overall, the release of IOG’s new toolkit for creating custom sidechains on the Cardano network is a major step forward for the development of the blockchain. This will make it easier for developers to create and deploy applications on the Cardano network, and will make it more extensible and scalable without compromising its stability or security.

• The U.S. Securities and Exchange Commission (SEC) charged eight individuals and organizations with fraudulently stealing $45 million from investors in the CoinDeal crypto project.
• The accused individuals and companies allegedly used the money to purchase real estate, cars, and a boat.
• The SEC is trying to halt the ongoing crime and protect investors from potential losses.

The U.S. Securities and Exchange Commission (SEC) recently charged eight individuals and organizations for their involvement in a crypto-related scam. The accused individuals and companies allegedly defrauded investors of $45 million through the CoinDeal crypto project.

The SEC announced that Neil Chandran, Michael Glaspie, Garry Davidson, Linda Knott, and Amy Mossel were named as the primary defendants in the case. Additionally, AEO Publishing Inc, Banner Co-Op, Inc, and BannersGo, LLC were also named as defendants in the case.

The SEC alleges that these individuals and companies were involved in a fraudulent cryptocurrency investment scheme that defrauded investors of around $45 million over the years. The SEC further claims that the suspects used the money to purchase real estate, cars, and a yacht.

The SEC is trying to protect investors from potential losses by charging these individuals and companies with fraud and halting the ongoing crime. The SEC has also requested that the court impose a permanent injunction, return of funds, and other penalties.

In addition to the criminal charges, the SEC is also seeking financial penalties, disgorgement of ill-gotten gains, and other sanctions against the accused individuals and companies. The SEC is also seeking to bar the accused individuals and companies from participating in the securities industry in the future.

The SEC’s case against the accused individuals and companies is ongoing and no further details are yet available. However, the SEC’s enforcement action is a reminder to investors to be wary of fraudulent crypto projects and to do their due diligence before investing.

• India introduced new taxes of 30% capital gains tax and 1% transaction tax as TDS on crypto transactions in April 1, 2022.
• This has caused a significant portion of the trading volume to move overseas.
• A new study has quantified the value of cumulative trading that shifted from Indian to foreign crypto exchanges after the taxes kicked in, at $3.8 billion.

In April 1, 2022, the Indian government introduced two new taxes on crypto transactions – a 30% capital gains tax and a 1% transaction tax as TDS. These taxes were implemented to regulate the sector, but it has had significantly negative impacts on the Indian exchanges.

With the new taxes in place, Indian exchanges have seen their trading volumes decrease drastically, with most estimates quoting losses of more than 90% compared to the previous year. This has led to a huge shift of trading overseas, as Indian traders flock to foreign exchanges where the regulations are not as tight.

Now, a new study has quantified the value of cumulative trading that has shifted from Indian to foreign crypto exchanges since the new taxes kicked in. The study, conducted by CryptoPotato, estimated that the total value of trading volumes moved overseas since the taxes were implemented was approximately $3.8 billion. This is a staggering figure, and demonstrates just how much of an impact the taxes have had on the Indian crypto industry.

The study also noted that the tax rates were very high, and that the Indian government should consider reducing the rates in order to make the market more attractive to investors. Many other countries, such as Singapore and the United States, have much lower taxes on crypto transactions, so the Indian government could consider revising the taxes in order to make sure the Indian crypto market remains competitive.

Overall, the study showed that the introduction of the new taxes on crypto transactions in India has had a huge impact on the industry. It has caused a significant portion of the trading volume to move overseas, with an estimated cumulative value of $3.8 billion. It remains to be seen whether or not the Indian government will reduce the tax rates in order to make the market more attractive to investors, but it is clear that the current situation is not sustainable in the long run.

• BONK Inu has gained 150% in the past 24 hours and now has over 100,000 holders.
• The coin has been listed on various centralized exchanges, such as BKEX, Huobi, MEXC Global, Gate, Bybit, DigiFinex, and others.
• Its current market capitalization stands above $200 million and is rapidly approaching the top 100 coins by means of total market cap.

The BONK memecoin has been on a tear lately, gaining more and more traction in the crypto space as its price continues to soar. In the past 24 hours alone, the coin has seen an increase of 150%, with its holders count now reaching an impressive 100,000.

This meteoric rise can be attributed to its listing on several centralized exchanges, such as BKEX, Huobi, MEXC Global, Gate, Bybit, DigiFinex, and others. These listings have brought a great deal of attention to the coin, allowing it to gain exposure and increase its price.

The current market capitalization of BONK stands above $200 million and is rapidly approaching the top 100 coins by means of total market cap. This is an impressive feat for such a young coin, and it shows that there is a great deal of potential for further growth.

It is important to note that BONK is still a relatively new coin and is still in the early stages of its development. As such, it is important to keep in mind that there is a great deal of risk associated with investing in the coin. While the potential is there, it is always important to do one’s own research before investing in any digital asset.

That said, the future of BONK looks bright as its holders count continues to increase and its price continues to surge. It remains to be seen where the coin will be in the coming months, but one thing is for sure: BONK is a coin to watch.

• Coinbase stocks rose 12% following a $100 million settlement with US regulators.
• The settlement was reached after Coinbase was accused of enabling customers to open accounts without conducting necessary background checks.
• Coinbase is required to invest $50 million into its compliance program over the next three years.

Coinbase, one of the most renowned cryptocurrency exchanges, has recently reached an agreement with the New York Department of Financial Services (NYDFS) following accusations of not conducting necessary background checks before allowing customers to open accounts. The settlement requires Coinbase to pay a $50 million penalty and invest $50 million into its compliance program over the next three years.

The NYDFS stated that Coinbase violated the New York Banking Law and the New York State Department of Financial Services (DFS) virtual currency, money transmitter, transaction monitoring, and cybersecurity regulations. In response to the accusation, Coinbase said that it is cooperating with the investigation and that it is committed to continuing to provide a safe and secure platform for its customers.

Following the resolution of the investigation, Coinbase’s stocks have risen by 12%. This is a significant increase for the company, as its stocks had already been on a steady rise in recent months. The company’s stocks had risen by more than 50% since the beginning of 2021, and this news has only added to the positive sentiment surrounding Coinbase.

The settlement is seen by many as a sign of increasing confidence in Coinbase from regulators. This is a welcome development for the cryptocurrency industry, as it could pave the way for more regulation and legitimization of cryptocurrencies. Coinbase’s compliance program is expected to ensure that the company is compliant with all applicable laws and regulations.

Coinbase’s commitment to compliance is a major step forward for the cryptocurrency industry and could help bring more institutional investors into the sector. This could lead to increased liquidity and more mainstream adoption of cryptocurrencies.

Overall, this news is seen as a positive development for Coinbase and the cryptocurrency industry. The resolution of the investigation and the subsequent increase in Coinbase’s stocks is a strong sign of the increasing legitimacy of cryptocurrencies. Coinbase’s commitment to compliance is a major step forward for the industry and could potentially lead to increased mainstream adoption of cryptocurrencies.